This news comes from Deadline, who note that Sandra Bullock was the first choice, but Bullock passed and here we are. Both actresses are known for doing romantic comedy-type films, though Bullock has the benefit of being an Oscar winner, while Diaz has yet to be nominated (she has four Golden Globes nominations, but they don't mean much). Considering the picture is due out for Christmas next year, it's likely that this musical may try to get some Oscar love.

The film is being produced by Jay-Z and Will Smith, though neither currently have any family members in the film. Smith's daughter Willow was initially offered the title role, but turned it down because she said she'd rather just be a kid, and many assumed Beyonce would take the Miss Hannigan part just because. Miss Hannigan is the film's heavy as she runs the terrible orphanage where Annie (Wallis) lives before she comes to live with Benjamin Stacks (Foxx), aka Daddy Warbucks. 'Annie' will be released December 25, 2014.